CB Richard Ellis Q2 net falls on items

CBSMarketWatch

SAN FRANCISCO (CBS.MW) - CB Richard Ellis Group late Wednesday said its second-quarter profit declined on one-time items related to its acquisition of Insignia Financial Group and its initial public offering.

The company said it earned $3 million, or 4 cents a share, vs. its year-earlier profit of $5.2 million, or 12 cents a share.

Excluding items, the company's profit from operations was $22 .4 million, or 32 cents a share, in the latest period, topping by 5 cents the average forecast of analysts polled by Thomson First Call.

Revenue rose 71 percent to $550.9 million.

The company's full-year earnings-per-share forecast is 63 cents, on revenue of about $2.1 billion.

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